Y20 Pre-Summit in Lombok discusses youth digital fnancial awareness

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Indonesia held the second Pre-Summit of Y20 themed “Digital Transformation”, in Lombok, West Nusa Tenggara (NTB) , on April 23-24, 2022, as part of a series of activities organized by Indonesia during its G20 Presidency.

Digital technology progress offered both opportunities and challenges for young people. Hence, the youth’s digital financial awareness must be improved in accordance with the vision of sustainable economic, Y20 Indonesia 2022 Co-Chair Budy Sugandi said in a statement on Sunday.

“The progress of digital technology has affected the younger generation,” he said.

The topic of discussion on he first day of the meeting was “Reaping the Benefits of Digital Transformation: Raising Youth Digital Financial Awareness”.

The topic was chosen because of the fact that large part of the world’s population have not enjoyed the benefits of digital economic.

Most people in developing countries still rely on cash as they are not familiar with digital wallet.

In addition, unequal Internet access is also a challenge for young people particularly to understand digital financial literacy.

The Y20 Indonesia and Cint survey showed 61 percent of young people in G20 countries have difficulty in accessing the Internet due to unstable and slow connections.

Hence, digital financial awareness should be discussed so that more people are aware and able to take advantage of it in the momentum of global digital transformation, he said.

Meanwhile, Minister of Youth and Sports Zainudin Amali in his opening remarks during the meeting said the younger generation should be actively seeking knowledge to improve their financial literacy, in addition to receiving education provided by policy makers.

He hoped that young people, especially in Indonesia, could step up their interest in reading to find information so that they could increase their capacity to understand digital finance to the fullest.

The Y20 Indonesia 2022 has planned to carry out Pre-Summit activities in four cities, namely in Palembang, South Sumatra in March 2022, Lombok in April, Balikpapan, East Kalimantan Province, in May 2022, and Manokwari , West Papua Province, in June.

The Y20 Summit will be held in Jakarta and Bandung in July 2022 .

Source: Antara News